Bitcoin Should Continue To Extend Higher

Cycle from November 26, 2020 low in Bitcoin remains in progress as a 5 waves impulsive Elliott Wave structure. Up from November 26 low, wave 1 ended at 19918 and pullback in wave 2 ended at 17580.5. Internal subdivision of wave 2 unfolded as a regular flat. Wave ((a)) ended at 18100, wave ((b)) ended at 19621 and wave ((c)) of 2  ended at 17580.5.

Wave ((c)) of the flat correction ended at the 100% – 161.8% extension of wave ((a)), as indicated with the blue box. Since then, Bitcoin has started to turn higher from the blue box in wave 3. Up from wave 2 low at 17580.5, wave (i) ended at 18136.33 and dips in wave (ii) ended at 17865.21. The cryptocurrency then resumed higher in wave (iii) towards 19416.64, and pullback in wave (iv) ended at 18979.21. Expect the cryptocurrency to end wave (v) soon with a few more high and this should complete wave ((i)) of 3 in a higher degree.

The cryptocurrency should then pullback in wave ((ii) to correct the cycle from December 11 low before the rally resumes. As far as wave 2 pivot low at 17580.5 low stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

Bitcoin 60 Minutes Elliott Wave Chart

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Bitcoin 15 Dec

Bitcoin Elliott Wave Video

Video Length: 00:04:50

Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

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